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Dubai: National Bank of Fujairah (NBF) on Monday said its board has approved a 15 per cent cash dividend by the bank's shareholders at the annual ordinary general meeting (AGM) held in Fujairah.
The dividend will be distributed to shareholders of record as of April 3.
"NBF continues its journey to new heights by registering sustained growth as demonstrated over the last three years. The year 2007 was the fourth consecutive year in which the bank saw net income growth in excess of 35 per cent," said Shaikh Saleh Bin Mohammad Al Sharqi, NBF's chairman.
"NBF will continue to strengthen its brand into 'Best in class full service financial institution' by pursuing its two-pronged 'build and diversify' strategy and by distinctly focusing on taking its service quality and customer experience to the next level."
New board
The AGM also considered and approved the chairman's report on the bank's activities and its fin-ancial statements for the year ended December 2007.
The NBF Board of Directors was also elected for another three-year term.
The bank experienced another strong year where profits jumped to Dh323.8 million, up 36.3 per cent from Dh237.6 million in 2006.
Fee income saw a growth of 23.2 per cent on the back of strong performance from Wealth Management and Financial Institution group coupled with diversification into syndication businesses.
Total assets and liabilities grew 42.5 per cent and 48.8 per cent respectively to Dh12.3 billion and Dh10.5 billion over December 2006.
Earnings per share increased to Dh0.29 for the year from Dh0.22 in 2006. Return on average equity rose from 16 per cent in 2006 to 19.2 per cent while return on average assets stood marginally lower at 3.1 per cent for the year as opposed to 3.2 per cent in 2006.
Total shareholder equity as of December 2007 stood at Dh1.8 billion and the bank's capital adequacy ratio at year end stood at 14.69 per cent against the Central Bank minimum of 10 per cent and compared to corresponding year end ratio of 18.94 per cent which reflects the bank's growth and expansion.
At a glance: Total assets increase 43%
- Net interest rose by 32.9 per cent fuelled by sustainable growth in volumes.
- Total assets and liabilities grew by 42.5 per cent and 48.8 per cent respectively to Dh12.3 billion and Dh10.5 billion.
- Earnings per share increased to Dh0.29.- Return on average equity rose to 19.2 per cent.
- Total shareholders' equity as of December 2007 stood at Dh1.8 billion.
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